The university, like many colleges and charities, is exempt from federal income and property taxes, saving it billions of dollars. President Trump has questioned whether it should enjoy that status.

Opinion: Anat Alon-Beck and Mark Goldfeder say the Trump administration's move to revoke Harvard University's tax-exempt status is supported by related Supreme Court decisions and IRS Revenue Rulings.

Billionaire Bill Ackman criticized Harvard University for failing to clamp down on antisemitic protests and agreed it needed to lose its tax-exempt status.

Harvard University could lose hundreds of millions of dollars annually if the federal government is able to revoke its tax-exempt status. But University of Pittsburgh law professor Philip Hackney suspects the move,

The Ivy League institution has come under intense scrutiny from the Trump administration over its handling of anti-Israel protests and antisemitism on campus.

The announcement from Trump comes after Fox News reported last week that his administration asked the Internal Revenue Service to revoke Harvard University’s tax-exempt status. The Ivy League school's failure to address antisemitism on campus is grounds for losing its 501 (c) (3) status, sources said at the time.